Scorpio Tankers (NYSE:STNG) Shares Down 4.9% - Here's Why

Key Points

• Scorpio Tankers' stock price fell by 4.9% to $53.51, with trading volume down 87% from its average.
• Analysts have mixed ratings on the stock, with a consensus buy rating and a price target of $60.50, though the stock previously was upgraded to strong-buy by Zacks Research.
• The company announced a quarterly dividend of $0.40 per share, indicating a 3.0% yield and a dividend payout ratio of 21.80%.

Scorpio Tankers Inc. (NYSE:STNG - Get Free Report)'s stock price dropped 4.9% on Tuesday . The stock traded as low as $54.32 and last traded at $53.51. Approximately 131,381 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 1,044,555 shares. The stock had previously closed at $56.24.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Scorpio Tankers in a report on Saturday, September 27th. Bank of America boosted their price objective on Scorpio Tankers from $60.00 to $66.00 and gave the company a "buy" rating in a report on Tuesday, September 30th. Jefferies Financial Group boosted their price objective on Scorpio Tankers from $65.00 to $70.00 and gave the company a "buy" rating in a report on Monday, September 8th. Finally, Zacks Research upgraded Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a report on Friday, September 12th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $60.50.

Scorpio Tankers Stock Down 3.9%

The company has a quick ratio of 4.83, a current ratio of 4.95 and a debt-to-equity ratio of 0.28. The firm has a fifty day moving average of $52.10 and a 200-day moving average of $44.14. The firm has a market cap of $2.76 billion, a P/E ratio of 7.37 and a beta of 0.01.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its earnings results on Wednesday, July 30th. The shipping company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.03 by $0.38. Scorpio Tankers had a return on equity of 8.08% and a net margin of 39.18%.The company had revenue of $222.76 million for the quarter, compared to the consensus estimate of $219.26 million. During the same quarter in the prior year, the business earned $3.60 earnings per share. The firm's revenue for the quarter was down 39.5% on a year-over-year basis. On average, equities research analysts anticipate that Scorpio Tankers Inc. will post 5.29 earnings per share for the current year.

Scorpio Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Wednesday, August 13th were paid a dividend of $0.40 per share. The ex-dividend date was Wednesday, August 13th. This represents a $1.60 annualized dividend and a yield of 3.0%. Scorpio Tankers's dividend payout ratio is presently 21.80%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Pinnacle Holdings LLC bought a new position in shares of Scorpio Tankers in the 1st quarter valued at $26,000. Signaturefd LLC lifted its stake in shares of Scorpio Tankers by 95.6% in the 1st quarter. Signaturefd LLC now owns 761 shares of the shipping company's stock valued at $29,000 after acquiring an additional 372 shares during the last quarter. Spire Wealth Management lifted its stake in shares of Scorpio Tankers by 77.1% in the 2nd quarter. Spire Wealth Management now owns 758 shares of the shipping company's stock valued at $30,000 after acquiring an additional 330 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in Scorpio Tankers by 143.8% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 780 shares of the shipping company's stock worth $31,000 after purchasing an additional 460 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Scorpio Tankers by 206.1% during the 2nd quarter. GAMMA Investing LLC now owns 854 shares of the shipping company's stock worth $33,000 after acquiring an additional 575 shares during the period. 54.64% of the stock is currently owned by institutional investors.

Scorpio Tankers Company Profile

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of crude oi and refined petroleum products in the shipping markets worldwide. As of March 21, 2024, its fleet consisted of 110 owned and leases financed tanker, including 39 LR2, 57 MR, and 14 Handymax with a weighted average age of approximately 8.1 years.

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